50-Year Veteran Warns There Is No Way Out Of This As World Heads For Next Crisis

With the eyes of the world focused on soaring stock markets, today a 50-year market veteran warned King World News that thre is no way out of this as the world heads for the next crisis. He also discussed the truth about what is really happening around the world.

John Embry: “I was struck in the last 24 hours by the news of the Austrian bad bank halting payments on $11 billion in debts and referring to a hole in their balance sheet of over $8 billion. At the same time I noticed that in this new Greek bailout that is being proposed, Spain is going to be contributing 14 percent of the money….

Continue reading the John Embry interview below…

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“So we have the bankrupt financing the bankrupt. This is turning into the theater of the absurd. It’s symptomatic of the fact that the debt crisis, which started the 2008 global financial crisis, has not gone away at all.

World Debt Over $200 Trillion

It was recently estimated that global debt has grown by $60 trillion since 2008. The total debt now comfortably exceeds $200 trillion. So I think this development with the Austrian bad bank should make debt holders everywhere very uncomfortable because I think it’s symptomatic of how much bad paper is out there.

Meanwhile In The U.S.

Turning to the United States, the two fastest-growing private-sector areas of debt in the U.S. since the global financial crisis enveloped the world some 7 years ago are student loans and subprime auto loans. This isn’t really productive debt in the first place, but an even more disturbing aspect of the situation is that significant quantities of this debt will never be paid back.

As you are aware, Eric, a lot of these kids are running up enormous debts getting their university degrees, and the kind of jobs they are getting post-graduation barely let them survive, let alone pay back any debt.

But the student debt is secondary to the subprime auto loan junk. This is the same thing that was going on before the last crisis, except it was in housing. Well, at least a house is better collateral than a car, which is going to become worthless over time.

Cracks In U.S. Economy Starting To Show

So this is not a good development but it’s all part and parcel of the U.S. economy and its financial structure. But even with all the phony statistics trumpeting economic strength that the U.S. government issues, I think the cracks are starting to show everywhere — housing, retail sales, manufacturing, etc. We are heading toward a major crisis and what we are debating is just how long it’s going to take to get there.

So when I watch the gold and silver markets I just roll my eyes. Anybody who denies that gold and silver are being aggressively manipulated on the Comex and the LBMA is simply lying. Today gold and silver were trading strong in the East and as soon as trading shifted to the West, gold came under severe pressure and it’s now trading lower than it was the day before.

This is not normal action given the backdrop of the economy. My message is that the opportunity to buy gold and silver will not be there forever and you best use this unwarranted weakness to get your positions right now.

Greyerz, Pento And Celente Spot-On

I just want to add that the information provided in the KWN interviews with Egon von Greyerz, Michael Pento and Gerald Celente is absolutely spot-on. The problem in the world is excessive debt and it cannot be rectified unless you have either a hyperinflation or a hard debt deflation like the 1930s. One of the two is inevitable and it’s being brilliantly pointed out by people like Greyerz, Pento and Celente.”

Embry added: “Whether people love him or hate him, Putin is not a stupid guy. And I don’t think it would have been in his best interest to be involved in assassinating one of his leading dissidents at this point. So this idea that is being suggested by Gorbachev that it was a false flag or Paul Craig Roberts suggesting it was a hit by the CIA may have some merit. I don’t know but I just don’t think we can say Putin had this guy taken out because it just doesn’t make sense.” ***ALSO JUST RELEASED: Man Who Predicted Collapse Of Euro Against Swiss Franc Warns Of Next Shock To The World CLICK HERE.

If you are interested in purchasing physical gold and silver for delivery you can call Steve Quayle or his staff at (406)586-4842, or you can email them at[email protected]

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